Stock Market: Losses In BUA, Zenith Drop Stocks By N392.8bn

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    At the close of trading on the floor of the Nigerian Stock Exchange (NSE), the equities market posted a negative performance as market capitalisation decreased by ₦392.8 billion to settle at ₦21.1 trillion.

    The bearish performance was driven by losses in BUA Cement (-5.9%), Zenith (-4.3%) and MTNN (-2.8%).

    The benchmark index declined 183bps to close at 40,396.14 points while the year to date return fell to 0.3%.

    Activity level surged as volume and value traded advanced 119.7% and 265.6% to 465.7m units and ₦5.1bn respectively.

    The most traded stocks by volume were Transcorp (69.2m units), Zenith (31.7m units) and FCMB (26.6m units) while Zenith (₦788.3m), Nigerian Breweries (₦606.5m) and MTNN (₦591.7m) led by value.

    Performance across sectors was bearish as 5 of 6 indices reviewed closed in the red.

    Investor sentiment as measured by market breadth worsened to 0.4x from the 15.5x recorded previously as 15 stocks advanced against 34 decliners.

    Boc gas (+9.7%), NEM (+9.5%) and Sovereign Insurance (+9.1%) were the best-performing tickers while Oando (-10.0%), FTN Cocoa (-9.7%) and May & Baker (-8.5%) were the only losers.

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